Shawn Loh on Finance (Income Taxes) Bill

Taxation is a politically sensitive policy area as it involves the government taking from some and redistributing it to others, and Singapore has had successful tax policies that speak to shared values, said MP Shawn Loh. The Finance (Income Taxes) Bill takes a step in the direction of more actively reflecting the values that it wants to see in society, he said in parliament on Tuesday (Oct 6). He urged the government to take further steps in this direction and consider his suggestions. These include sweetening the tax deductions further for contributions towards a smaller number of national priorities which could benefit from more localised and bespoke support, as well as reducing wealth inequality through an inheritance tax for high-value properties.